W
WebBoard
Guest
From: Paul Guest
To those "in the know", your advice would be appreciated.
A friend of mine has held a property since 1981. He has since obtained permits for a number of townhouses.
If he sells the land as it is, it is CGT-free (pre-1987 purchase).
BUT if he value-adds the land by developing the townhouses, subdividing and THEN selling them individually, are the profits over and above the current land value also tax free?
Thanks in advance,
Paul.
To those "in the know", your advice would be appreciated.
A friend of mine has held a property since 1981. He has since obtained permits for a number of townhouses.
If he sells the land as it is, it is CGT-free (pre-1987 purchase).
BUT if he value-adds the land by developing the townhouses, subdividing and THEN selling them individually, are the profits over and above the current land value also tax free?
Thanks in advance,
Paul.
Last edited by a moderator: